This paper extends the framework of Green and Porter (1984) and Porter (1983a) to encompass the case of a cartel (OPEC) faced by a competitive fringe (non-OPEC oil producers). Estimation of a simultaneous equation switching regression model allows us to examine which market structure better...

We survey bars and restaurants in Genesee County, Michigan to examine how, absent a smoking ban, different establishments accommodate smokers and nonsmokers. We find evidence that smokers and nonsmokers are systematically accommodated. The majority of establishments without bars voluntarily ban...

Various studies find evidence that the NCAA men’s basketball section committee exhibits bias in the seeding of teams for the “March Madness” basketball tournament. Fewer studies examine whether March Madness betting markets are efficient. Using a decade’s worth of NCAA and point spread...

We estimate central bank reaction functions using the autoregressive conditional hazard model and the autoregressive conditional binomial model. We find that the Federal Reserve and Bundesbank intervened when the market was calmer, and the Bundesbank intervened in response to exchange rates...